CEO frames ‘state of the pension’ as funding, demographics and modernization priorities

CEO John Flynn presented a “state of the pension” review to the Federated board that combined ten‑year membership and funding data with a proposal to use strategic planning to guide the system’s priorities.

Flynn reviewed basic plan economics and trends: fiscal‑year‑to‑date pension plan returns were cited at 4.14% and health care returns at 5.26%. Using actuarial and benefits data from the plan, Flynn said the city contributed about $218 million in 2024 while the plan paid out roughly $256 million in benefits that year. He cited a National Conference on Public Employee Retirement Systems (NCPERS) study that estimates each pension dollar can have a multiplier effect on local economic activity and said Federated‑paid benefits generate significant local activity; he gave an…